News of engineering and construction major Larsen and Toubro (L&T) buying fresh stake in Astra Microwave was doing the round. However, B Malla Reddy, Managing Director of Astra Microwave refuted any such claims and said L&T already has around 9.6 percent stake and they haven't bought fresh stake in Astra Microwave.
Also read: Looking at overseas markets to build wider portfolio: L&T Here is the edited transcript of the interview on CNBC-TV18. Q: There was a lot of news that L&T was looking to acquire stake. Can you confirm the fact that they have indeed gone ahead with this?A: Already they have nearly 10 percent stake. Only thing is they were holding it in one of their finance companies. They must have transferred it to L&T. It is not that they have bought any new stake. Q: There is no fresh additional buy that they have done?
A: Yes. Q: Any talks of them acquiring further stake in the company?
A: No. Q: Where is the promoter stake currently at? Earlier there was so much talk about L&T upping their stake because the promoter stake stands quite low at about 20 percent or so? What is the promoter stake currently?
A: Yes, near about 20 percent. Q: Are you looking at augmenting your own stake in the company?
A: Yes. Q: By when would that be?
A: Maybe in another 3-4 months. Q: Is there any possibility of L&T becoming a strategic investor in your company? Any possibility of them upping their stake further?
A: They had an eye, but I am not sure about when it will happen. But, they have an eye on the company. Q: So currently their stake still stands at about 9.6 percent?
A: Yes, slightly less than that.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
